USDT ventures into $10 trillion Oil market

Posted on November 9, 2024November 9, 2024 by Olumide Adesina

Tether financed a $45 million crude oil deal to make its commodities market debut. A commodity trader and a publicly traded oil company entered into a deal as stated by a Nov. 8 announcement,

670,000 barrels of Middle Eastern crude oil were transported thanks to the October completion of the Tether USDT transaction. Tether financed the deal with its earnings.

Tether’s Trade Finance division, which specializes in incorporating blockchain technology into conventional trade finance operations, spearheaded the transaction.

The stablecoin issuer lent billions of dollars to commodities trading firms in early October to offer financing options to a sector heavily reliant on traditional banks, Tether estimates that the trade finance sector is worth $10 trillion.

Tether CEO Paolo Ardoino said, “With USDT, we’re bringing efficiency and speed to markets that have historically relied on slower, more costly payment structures.”. This deal is the first step toward our goal of supporting a wider variety of goods and sectors, promoting greater diversity and creativity in international finance.’

The company’s overall earnings for the year came to $7.7 billion after reporting a $2.05 billion profit for the third quarter of 2024. , its assets totaled $134.04 billion as at the end of September

The business expanded its operations by investing in startups in several sectors, such as artificial intelligence, telecommunications, education, Bitcoin mining, and renewable energy.

USDT helps Canadian Police in Crypto theft

Posted on November 9, 2024November 11, 2024 by Olumide Adesina

Tether helped the Ontario Provincial Police recover cryptocurrency valued at 10,000 Canadian dollars. Tether’s cooperation with the OPP’s Cyber Investigations Team enabled this recovery, demonstrating the company’s dedication to helping law enforcement fight cybercrime.

Tether froze the Tether coins involved in the theft in response to the OPP’s request, enabling the return of the digital assets to their legitimate owner.

According to Tether’s press release, Detective Staff Sergeant Addison Hunter of the OPP recognized that Tether’s voluntary cooperation was crucial to regaining the stolen money.

Tether claims to have helped more than 195 law enforcement agencies in 48 countries, establishing itself as a partner to law enforcement in the fight against cybercrime.

The stablecoin company worked with Bitfinex, a cryptocurrency exchange, to freeze over $33 million in USDT that was taken in the September 2020 hack of the KuKoin exchange, which depleted the well-known exchange of about $200 million.

Tether went ahead and added more addresses to its blacklist, freezing $150 million in USDT In January 2022,. The stablecoin issuer blacklisted 312 distinct addresses over the previous year, and no formal explanation was provided for the fund freezing.

The company recently announced that it had completed its first funding transaction in a Middle East crude oil investment, broadening its ventures beyond cryptocurrency.

Prosecutors in Manhattan were reportedly investigating possible criminal activity involving Tether’s cryptocurrency.

The report stated that the Federal government might restrict U.S. business dealings with the company, which were also reportedly being considered by the Treasury Department. Tether recently denied reports that it was being investigated for violations of anti-money-laundering and sanctions laws in the United States.

Ethereum destroys $3,000 psychological barrier

Posted on November 9, 2024 by Olumide Adesina

Ethereum has increased by more than 4% in the last day and 21% over the last week. For the first time in over three months, it is currently trading above $3,000. Given the Fed’s 25 basis point rate cut and Donald Trump’s win in the presidential election.

The super altcoin appeals to investors once again. The Fed lowered them by 25 basis points on Thursday after lowering interest rates by 50 basis points in September bossing appetite for altcoins.

The 100-day Simple Moving Average (SMA) is tested by ETH on a daily chart close to the psychological level of $3,000. Ethereum may rise to test the resistance level around $3,366 if it crosses above this SMA. However, it might lose the $2,820 support level if is not maintained for the mid-term.

Nonetheless, demand for ETH may increase in the upcoming weeks due to the current downward trend in interest rates and the possibility that Donald Trump’s win will guarantee a clear regulatory path for decentralized finance (DeFi).

Ethereum Foundation, which contributes to the development of the Ethereum blockchain, also published a report indicating that its treasury balance has fallen by 39%, from $1.06 billion in March 2022 to $970 million on October 31.

The crypto market looks different, with many altcoins showing remarkable gains after Bitcoin led the pack in midweek gains. Among them is Ethereum, which woke up earlier this week.

Binance Coin, which lost to Solana as the fourth-largest cryptocurrency, has risen 6% and is currently trading at $630. The other noteworthy winners among the larger-cap alts are Avalanche, Chainlink, and NEAR Protocol. Investors preferred traditional bonds over the leading altcoin due to Ethereum’s staking yield, which has remained at 4% for the last two years, below the previous Fed benchmark rate of 5%.

Bitcoin hits all time high

Posted on November 9, 2024November 9, 2024 by Olumide Adesina

Bitcoin (BTC) broke through $77,000 for the first time on Friday, while some laggard altcoins joined the rally after the Federal Reserve lowered interest rates. Cryptocurrency price milestones continue to tumble amid Donald Trump’s election victory.

The largest and oldest crypto eked out a new record price of $77,105 on Friday as shown on Binance. Bitcoin surged after Donald Trump emerged victorious in the presidential election earlier this week and broke its all-time high of March as all signs pointed to his eventual return to the White House.

Bitcoin is up by more than 10% for the week and has increased by more than 22% in the last month. It is currently the ninth-largest financial asset in the world, with a market value of well over $12.5 trillion.

Funding rates for perpetual swaps on cryptocurrency exchanges are significantly closer to neutral levels than the market peak in early March, CoinGlass data reveals that crypto assets saw double-digit gains this week, with Bitcoin reaching record highs. A funding rate is a price that long traders pay short traders to enter the other side of a trade.

Shorts pay the fee to longs when funding rates are negative because this relationship frequently during bearish times. As the country elected a new president on Tuesday, who offers a completely different course for the next four years, it has been a significant week for the largest economy in the world.

The Federal Reserve held its first FOMC meeting on Thursday since it cut the main interest rates by 0.5 percent in September. As Fed Chair Jerome Powell announced minutes ago, most market analysts and experts expected a more moderate cut of 25 basis points during the November meeting. As a result, the rates have been lowered from 4 percent to 4 percent.

The country’s falling inflation rates served as the basis for the central bank’s decision, reiterating its intention to cut it to 2 percent over the coming months. It appeared that the markets had already priced in such a move by the Fed, as most analysts had predicted. Therefore, minutes after the decision was made, there was no significant movement in Bitcoin’s price

Forex Signals Brief November 8: Canada Employment Closing A Week Full of Action

Posted on November 8, 2024November 8, 2024 by Skerdian Meta

The USD also weakened yesterday, erasing some of the gains from Wednesday’s sharp increase. The greenback experienced an average depreciation of nearly 1% against major currencies. As expected, the Bank of England (BOE) cut rates by 25 basis points at the start of the US session, followed by the FOMC’s 25-basis-point rate cut.

Unemployment rate expected to tick higher in Canada

Continue reading “Forex Signals Brief November 8: Canada Employment Closing A Week Full of Action” →

Solana on a multi-month high, market valuation hits $94 billion

Posted on November 8, 2024November 8, 2024 by Olumide Adesina

Donald Trump’s pro-crypto victory in the United States contributed to Solana’s multi-month high. Donald Trump known for his pro-crypto policy, has reignited expectations for a more benevolent regulatory environment for digital assets, and the Solana altcoin looks poised to surpass its annual high of $211 due to sustained demand.

Many observers view this political change as a chance for Solana to get its ETF approved despite its challenges with the SEC, which still classifies Solana as a security.

Solana is currently the fourth most valuable cryptocurrency asset with a $94 billion market valuation. Donald Trump’s victory in the most recent US presidential election was a major catalyst for SOL’s recent growth.

The altcoin’s trading volume hit a three-month high of $8.33 billion during Wednesday’s session, November 6 following Trump’s victory. The altcoin is currently trading above its 20-day exponential moving average (EMA), which calculates its average trading price over the previous 20 days, amid rising demand for Solana.

Solana’s bullish momentum is strong, as indicated by an RSI reading of 67, and buying pressure is probably driving the price higher. The index is not yet in the overbought area, though. This implies that the price may still have more upside potential.

Many believe that Trump’s return to the White House will benefit the cryptocurrency sector. During his campaign, the outgoing president pledged to support cryptocurrency without wavering, dismissing SEC chairman Gary Gensler, who was well-known for his tough stance on digital assets.

Investors are thrilled about the promise because a change at the top of the SEC may result in a more accommodative stance toward initiatives like Solana. According to Balaji Srihari of CoinSwitch,

“Donald Trump’s victory signals a potentially more favorable regulatory environment for the crypto industry.” He added that the shift might lessen the SEC’s stance on assets like Solana.

BlackRock’s Bitcoin spot ETF posted it largest trading activity

Posted on November 8, 2024 by Olumide Adesina

BlackRock’s Bitcoin exchange-traded fund (ETF) saw record trading following Donald Trump’s victory in the US presidential election.

Bloomberg ETF analyst Eric Balchunas revealed that the iShares Bitcoin Trust (IBIT) saw its “biggest volume day ever,” with daily trading volume exceeding $4.11 billion on Nov. 6.

‘For comparison, stocks like Visa, Netflix, and Berkshire saw less volume today than that. It had its second-best day since launch and was up 10% as well,” he continued.

BlackRock’s significant foray into the Bitcoin market is a turning point in the crypto space. Other institutions wishing to diversify their portfolios can benefit from this endorsement from one of the most reputable figures in traditional finance. Analysts observe that the overall sentiment of the market is strongly bullish.

BlackRock’s record-breaking investment volumes may see a larger institutional adoption trend, indicating a possible bull market for Bitcoin.

According to a follow-up post from Balchunas, ETFs also had one of their best days since “the crazy early days” in January, with most funds performing at twice their average volume.

IBIT’s record trading day coincided with a flurry of bullish signals for the cryptocurrency with Bitcoin’s new all-time high of $76,500 on November 7,
rump, a pro-crypto triggered the bullish run in the crypto space

Bitcoin had since slightly retraced to $76K at publication according to Binance data.

Trump’s promised broad pro-crypto policies could benefit assets other than Bitcoin. Asset managers have rushed to file regulatory documents to list exchange-traded funds (ETFs) that hold altcoins, such as Litecoin, XRP, and Solana, as early as 2024.

Additionally, issuers are awaiting approval for some planned crypto index exchange-traded funds (ETFs) that are intended to hold a variety of token baskets. Oct. 25 In the US presidential election, Balchunas referred to the filings for crypto index ETFs as “call options on a Trump victory.”.

Nigeria and Egypt post highest Telegram adoption

Posted on November 8, 2024 by Olumide Adesina

The CEO of Bitget, an exchange and wallet provider, Gracy Chen, claims that Telegram’s crypto trading capabilities and its mutually beneficial partnership with the independent Open Network set it apart from other apps, for explosive growth.

Telegram and the decentralized Open Network have the potential to transform the messaging app into a comprehensive tool that incorporates social media, payments, financial, entertainment, gaming, and communication features.

Telegram has raised more than $4 billion and has about 950 million monthly active users, DemandSage reported that since its launch,

Nigeria and Egypt have the highest Telegram adoption rates, Chen claims. ‘More than 54% of Nigerian adults aged 16 to 64 were Telegram users.’

According to Chen, Egypt lagged behind Nigeria by a narrow margin at 53 percent penetration. The CEO of Bitget also cited Telegram’s phenomenal rise in emerging market economies, particularly among young Africans, as evidence of the app’s potential to develop into a multifunctional tool used by billions.

A report released last month by cryptocurrency trading company and liquidity provider GSR, the Open Network has the potential to accelerate the broad adoption of cryptocurrencies and decentralized finance. According to GSR researchers, the relationship between the Open Network and the Telegram messaging app provides a powerful means of introducing the public to the ecosystem of digital assets.

Detroit, biggest U.S city, to accept Bitcoin for tax payments

Posted on November 8, 2024 by Olumide Adesina

Detroit, Michigan, is the largest US city accepting Bitcoin and other cryptocurrencies for tax payments. The city said citizens can pay their taxes and civic fees with cryptocurrency next year.

Additionally, Michigan will become the first state to accept cryptocurrency for tax payments, joining Louisiana, Colorado, and Utah, all thanks to Detroit. Colorado was the first state to permit its citizens to use Bitcoin to pay state taxes in September 2022. It’s unknown if other Michigan cities will do the same.

Detroit Mayor Mike Duggan said, “Detroit is creating a tech-friendly environment that empowers citizens and entrepreneurs.” “We are thrilled to be among the first significant American cities to investigate blockchain-based civic applications and enable citizens to pay with their cryptocurrency.”

The Citizen Treasurer Nikhil Patel says the payment option will be available around the middle of 2025. We don’t know the precise date. “To improve internal operational efficiency and the customer experience, the Treasurer’s Office is dedicated to modernizing our payment channels and processes,” Patel states. ‘Thanks to this new payment platform, Detroit residents who want to use cryptocurrencies will have more accessibility significantly, the platform update will facilitate electronic payments for Detroiters.’

Blockchain innovators and entrepreneurs will also be invited to Detroit to present concepts for blockchain-based civic applications. “Projects that leverage blockchain’s potential for enhancing transparency, improving data security, and streamlining public services” is what municipal authorities say they seeking proposals by December 15. According to the city, they should include “proposed solutions, potential stakeholders, costs, risks, and should also outline how their ideas will improve city services and benefit city residents.”

Forex Signals Brief November 7: BOE Rate Cut and FED Meeting Minutes on Agenda Today

Posted on November 7, 2024November 7, 2024 by Skerdian Meta

Yesterday the economic calendar was light so markets had time to digest US elections, while today the BOE meeting and the FOMC minutes will highlight the day. The final Services PMI readings from the Eurozone came slightly higher for October, while UK Construction PMI and Canadian Ivey index came below expectations, however, traders had already embarked the Trump trade.

Continue reading “Forex Signals Brief November 7: BOE Rate Cut and FED Meeting Minutes on Agenda Today” →